Gynger, the first embedded financing platform for technology
purchases, also announced the close of up to $100 million debt facility to fuel its growth as
it pioneers the rapidly expanding tech purchasing
landscape.
NEW
YORK, June 20, 2024 /PRNewswire/ -- Gynger, the
first embedded financing platform for technology purchases,
announced today that it has raised $20
million in Series A funding, led by PayPal Ventures, with
participation from Gradient Ventures, Velvet Sea Ventures, BAG
Ventures and Deciens Capital.
Gynger will use the funding to scale its team and operations and
accelerate its vision of transforming its embedded financing
platform into a full-scale payments solution for buying and selling
of technology.
In addition, Gynger secured a debt facility from CIM (Community
Investment Management) with an agreement to fund up to $100MM. The
new facility will enable Gynger to scale its financing of
technology spend to meet increasing customer demand.
"Over the last year, we have experienced tremendous growth and
demand," Mark Ghermezian, Gynger's
CEO and Founder commented, "We are revolutionizing how companies
buy and sell technology by providing a payments solution that
addresses the needs of both vendors and their customers. We are
building the future of flexible financing for all technology. We
are thrilled to welcome PayPal Ventures as an investor to help push
our growth to a whole new level."
Technology is one of the top growing B2B categories, with over
$900 billion in annual spend on SaaS
alone. According to Forrester, global technology spend is estimated
to grow to $4.7 trillion over the
next year, fueled by the increase of generative AI. With technology
spend expected to rise over the next decade, Gynger is already
providing customers with a solution that makes it easier than ever
before for businesses to finance their software and technology
needs.
Gynger's vision is to simplify and optimize the end-to-end
technology purchasing process. The company is building a fully
automated, seamless, embedded financing platform built for both
buyers and sellers of technology, that will truly revolutionize the
way technology transactions are made today.
"Gynger is changing the way businesses buy software," said
James Loftus, PayPal Ventures
Managing Partner. "Companies from seed stage startups to enterprise
can unlock flexible payment terms on any technology expense,
regardless of the vendor's terms, making it possible to purchase
tools needed for growth while also preserving cash. We couldn't be
more thrilled to be supporting them on their journey."
Gynger provides a unique financing solution for businesses
looking to acquire the technology they need – companies can
purchase software and services through non-dilutive capital.
This allows businesses to optimize their cash flow by spreading
payments out over flexible terms that fit their budget and growth
trajectory. Gynger's financing platform has already facilitated
payments for hundreds of leading technology vendors including
Snowflake, Salesforce, AWS, Cisco, ZoomInfo, and Datadog. By making
capital more accessible, Gynger enables technology users to
purchase the software they need in order to scale, while still
paying on their terms. Gynger's customer base spans a wide-range of
organizations, from early-stage startups to pre-IPO companies
across all industry verticals.
For software and broader technology vendors, Gynger extends
alternative purchasing methods to their customers, which enables
vendors to accelerate sales, improve cash flow, shorten Day Sales
Outstanding (DSOs), and pull revenue forward - all while getting
paid upfront through Gynger's embedded financing platform. By
offering flexible payment terms to customers, vendors can simplify
the sales process and lock in long-term commitments.
Gynger utilizes advanced AI and data analytics to underwrite and
approve credit for customers faster than any other financing
solution available. It automatically detects technology spend to
recommend financing opportunities to best fit the needs of both
buyers and sellers. By seamlessly facilitating the transactions
through its secured payment platform, Gynger completes the
end-to-end purchasing process.
"Gynger offers a unique source of financing for businesses who
are in need of flexible terms as they increase their capital
outlays on software," said Jacob
Haar, Managing Partner of Community Investment Management.
"With software spend increasing more than any other spend category,
Gynger is well positioned to provide valuable support to businesses
nationwide. We are excited to partner with the company as they
scale to meet the significant size of this market opportunity."
About Gynger
Gynger is the first embedded financing platform built for buyers
& sellers of technology. Our mission is to combine software
with capital to enable businesses to scale with the technology they
need and love. Our platform enables businesses to pay, finance, and
manage all of their technology expenses from one dashboard. For
tech vendors, we provide an opportunity to extend flexible payment
options to their customers while still getting paid upfront. Gynger
was incubated out of m]x[v Capital and founded in 2021 and is based
in New York. For more information,
visit www.gynger.io.
Contact info: contact@gynger.io
About PayPal Ventures
PayPal Ventures is the global corporate venture arm of PayPal.
We invest for financial return in six areas of high strategic
relevance to PayPal, including fintech, payments, commerce
enablement, artificial intelligence, blockchain &
cryptocurrency, and regulatory/cyber technology.
Through the expertise, experience, and vast network of PayPal
Ventures – and the companies we invest in – we are helping to bring
transformative solutions to market faster. For more information,
please visit: https://paypal.vc/home/default.aspx
About Gradient Ventures
Gradient Ventures has been investing at the forefront of
artificial intelligence since 2017. We are led by former founders,
technical experts, and domain specialists, who know how to take an
idea to product-market-fit and beyond. Gradient Ventures is
headquartered in the San Francisco Bay
Area. For more information, visit
www.gradient.com.
About m]x[v Capital
m]x[v Capital is a New
York-based early-stage venture capital firm dedicated to
funding and founding the future of B2B enterprise SaaS. m]x[v
brings a founder and operator perspective to the table, providing
hands-on support to help early-stage companies successfully launch,
scale, and grow their businesses. For more information, visit
www.mxv.vc.
About Velvet Sea Ventures
Velvet Sea Ventures is an operator-led venture capital firm that
goes beyond capital to help entrepreneurs turn their visions into
reality. Built by a family of entrepreneurs, VSV couples
seed-to-growth stage capital investment with unconditional hands-on
strategic support and guidance.
About CIM
Community Investment Management (CIM) is an institutional impact
investment manager that provides strategic debt capital to
demonstrate and scale responsible innovation in lending. CIM is
dedicated to supporting organizations that drive positive change
and foster financial inclusion, economic growth, and social impact.
For more information visit https://cim-llc.com/.
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SOURCE Gynger